Sri Lanka Consolidated Acts

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Institute of Chartered Accountants (Amendment) Act (No. 15 of 1998) - Sect 5

Amendment of section 7 of (he principal enactment

5. section 7 of the principal enactment is hereby amended as follows :-
(1) by the repeal of that subsection (2) thereof, and the substitution therefor of the following subsection :-
"(2) The Council shall consist of a President, a Vice-President and fourteen other members appointed or elected as hereinafter provided.".
(2) In subsection (4) of that section-
(a) by the repeal of paragraphs (a) and (b) of that subsection and the substitution therefor, of the following paragraphs :-
"(a) eight members appointed by the Minister of whom one shall be the Auditor-General if he is a member of the Institute and another shall be the immediate past President of the Council;
(b) six members elected by the members of the Institute, from among its members;
(c) a member appointed by the Minister, in a case where the Auditor-General is not a member of the Institute or the immediate past President declines to accept appointment to the Council"; and
(b) by the substitution, for the words "paragraph (a) of this subsection", in paragraph (ii) thereof, of the words "paragraph (a) or (c) of this subsection.".

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